What is the entry to be passed when assessee receives professional fees on which tds is deducted , as well as Service tax charged??
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TDS
Replies (4)
To Profession fees recd...........10,000
To Service Tax............................1,030
By XYZ........................................11,030
By Bank....................................9,927
To XYZ.....................................11,030
To TDS ...................................1,103
BANK-DR
TDS RECIVABLE - DR
TO PARTY A/C
SERVICE TAX OUTPUT- DR
TO SERVICE TAX PAYABLE
Thanx a lot
When Bill Raised (after 01.04.2011)
Party A/c Dr 1103
To Income A/c 1000
To Output Sevice Tax 103
When Payment Recd after TDS
Bank A/c Dr.
TDS A/c Dr.
To Party A/c
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